Vertigo 3D (formerly Easynet Data Corp.) Takeover Completed.
Cost of the acquisition was $1.5 million. The acquisition was financed by way of privately-placed convertible debentures of the Company for a total amount of $1.5 million, bearing interest at 8 percent per annum, for a two-year term, convertible at the election of the holder at any time into a maximum of 1,764,708 shares of the Company at $0.85 per share. There are currently 31,443,465 shares of the Company outstanding.
As a result of the foregoing Vertigo has become the Company's wholly-owned subsidiary. Vertigo is a world-leading developer of high performance 3D software for creative professionals in the film, entertainment, broadcast, content creation, product design and animation markets.
Vertigo 3D Software is used by designers and animators worldwide, including Electronic Arts, BVVE/Walt Disney Studios, Silicon Graphics Inc. (SGI), BBC, CNN, CBC, National Film Board of Canada and 3M.
Vertigo is currently developing its next-generation 3D software products which will support the major graphics hardware platforms including SGI, Apple Power Macintosh, and Windows NT. Vertigo's new product will be the first high-end, full-featured 3D software product to provide users on each of these platforms with an efficient, easy-to-use interface to complex professional quality 3D animation and imaging software.
Vertigo's next-generation 3D software products will be fully VMRL 2 compatible giving users the ability to interactively view and manipulate 3D models and data over the InterNet. Vertigo is working in parallel with SGI and Apple's strategy to create the "digital studio of the future", by developing key 3D components for this "digital studio". Vertigo is also working on various joint-development projects that leverage its 3D technology base and expertise into traditionally 2D markets of image processing, editing, and post-production. -0-
Note: Information respecting Vertigo Technology, Inc. herein was provided by Vertigo Technology, Inc.
CONTACT: Vertigo 3D, Inc.
Don Sheldon, 604/687-2038
E-MAIL: info(at)vertigo.bc.ca Note: Information respecting Vertigo Technology, Inc. herein was provided by Vertigo Technology, Inc.
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|Date:||May 24, 1996|
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